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Yes the purchased tab in the app stores should allow you to re-download most if not all of your purchases. If you have previously hidden some purchases, you may need to access your Apple store account (Apple ID) to see the unfiltered list of past purchases.

Please see this link or this link on Apple's website for more details. You can edit your question or ask another if you find a problem on a specific step.

@MaxRied Nopes. iCloud. iTunes Match is a subscription only service. It may use the same technology underneath (who knows!) but this feature has been available since they launched iCloud. For more details see this.
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Apoorv KhurasiaAug 14 '12 at 15:37

So if I did not have iCloud when I purchased the songs I am doomed? Is this logical?
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p.a.Aug 14 '12 at 16:04

@p.a. Don't think so. When I moved to iOS 5, I noticed that all my purchases were there. Give it a shot, if it does not work you don't lose anything anyway.
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Apoorv KhurasiaAug 14 '12 at 16:35

I dont doubt iCloud is superb. However, I lost my songs 3 months ago and I didnt have iCloud back then so...
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p.a.Aug 14 '12 at 17:08

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@p.a. Any song you purchased from iTunes at any time in the past should now be available for re-download via your iTunes account regardless of your use of any other iCloud feature, or iTunes Match subscription (there may be some exceptions, such as songs no longer available in the iTunes store). If the songs you lost were never purchased from iTunes, however (such as tracks ripped from a CD), then you will have to restore them from elsewhere yourself.
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Dan JAug 14 '12 at 20:10